A 396-megawatt wind energy project in Oaxaca, Mexico would begin construction in March following the completion of project financing worth 8.9 billion Mexican pesos ($682 million).

The Mare~na Renovables wind power project will cost approximately $1 billion and will be jointly developed by Japan's Mitsubishi Corporation, the Macquarie Mexican Infrastructure Fund and PGGM.

According to a statement released by Macquarie Mexican Infrastructure Fund, the first managed fund in Latin America for the Macquarie Group, financing is being provided by a syndicate of commercial banks as well as development banks.

The commercial banks include Banorte, BBVA Bancomer, Credit Agricole Corporate and Investment Bank, HSBC and Santander. The development banks include the Inter-American Development Bank, Banco Nacional de Obras y Servicios P'ublicos and Nacional Financiera.

In addition, Eksport Kredit Fonden, the Danish export credit agency, will guarantee a portion of the construction term loan.

MMIF acquired a 32.5 percent stake in Mare~na Renovables in March 2011. Mitsubishi and Dutch pension fund PGGM just recently acquired a 33.75 percent stake each in the project, buying out Fomento Econ'omico Mexicano, S.A.B. de C.V. and Macquarie Capital.

The Mare~na Renovables wind power project will be located in the Isthmus of Tehuantepec region in Oaxaca state, said to be a good place for wind farms as the area is subject to strong winds that run from the Gulf of Mexico to the Pacific.

Winds that run through the region can have an average speed of 8.5 miles per second. Under these circumstances, the project has a potential annual power generation of 1,500 gigawatts.

The project has a contract with Vestas WTG Mexico S.A. de C.V., a subsidiary of Danish wind giant Vestas, to supply 132 units of Vestas V90-3.0 turbines and a 10-year service and maintenance agreement.

The entire project is expected to be completed in July 2012, with power generated going to subsidiaries of Femsa and Cuauht'emoc Moctezuma, an operating company of Heineken N.V. under 20-year power purchase agreements. – EcoSeed Staff

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